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1. Company Snapshot

1.a. Company Description

Winnebago Industries, Inc.manufactures and sells recreation vehicles and marine products primarily for use in leisure travel and outdoor recreation activities.The company operates in six segments: Grand Design Towables, Winnebago Towables, Winnebago Motorhomes, Newmar motorhomes, Chris-Craft Marine, and Winnebago Specialty Vehicles.


It provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters for recreational travel, such as conventional travel trailers, fifth wheels, folding camper trailers, and truck campers under the Winnebago and Grand Design brand names.The company also offers motorhomes, which are self-propelled mobile dwellings used primarily as temporary living quarters during vacation and camping trips, or to support active and mobile lifestyles under the Winnebago and Newmar brand names.In addition, it offers other specialty commercial vehicles for law enforcement command centers, mobile medical clinics, and mobile office spaces; commercial vehicles as bare shells to third-party up fitters; and boats in the recreational powerboat industry under the Chris-Craft and Barletta brand names.


Further, the company is involved in the original equipment manufacturing of parts for other manufacturers and commercial vehicles.The company sells its products primarily through independent dealers in the United States, Canada, and internationally.Winnebago Industries, Inc.


was incorporated in 1958 and is based in Forest City, Iowa.

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1.b. Last Insights on WGO

Winnebago Industries' recent performance was driven by strong Q4 2025 results, with revenue growth fueled by strategic pricing, favorable product mix, and improved cost management. The company's motorhome sales and new product launches contributed to the positive momentum. Additionally, management projects improved revenue and earnings for 2026, supported by operational efficiencies and market share gains. AXQ Capital LP's increased stake in the company, purchasing 2,138 shares, also signals confidence. Insider Sara Armbrouster's recent purchase of 2,700 shares further underscores the company's potential.

1.c. Company Highlights

2. Winnebago Industries' Q4 Earnings: A Strong Performance Amidst Industry Headwinds

The company reported adjusted diluted earnings per share of $0.71 on net revenues of $777.3 million, beating analyst estimates of $0.58 EPS. The momentum across brands and product lines more than offset operating margin pressure from the ongoing turnaround at the Winnebago branded businesses. The production strategy centered on disciplined planning and execution enabled the company to align output with market conditions, resulting in an inventory turn rate of 1.9 times at the end of Q4.

Publication Date: Oct -29

📋 Highlights
  • Q4 Earnings Performance: Adjusted diluted EPS of $0.71 on $777.3M net revenues, driven by motorized RV product growth like Newmar's Summit Air and Grand Design's Lineage Series M.
  • Inventory Efficiency: Q4 inventory turn rate of 1.9x, with plans to increase turns for operational efficiency, aligning output with market demand.
  • Marine Segment Resilience: Barletta and Chris Craft maintained strong performance amid industry headwinds, emphasizing inventory management and customer-centric strategies.
  • 2026 Guidance: Projects $2.75B–$2.95B in revenue, EPS of $1.25–$1.95, and adjusted EPS of $2.20–$2.70, assuming 315K–345K North American RV shipments.
  • Financial Leverage & Shareholder Returns: Net leverage ratio improved to 3.1 from 4.8, with $88.9M returned to shareholders via $50M share repurchases and $38.9M dividends.

Revenue Growth Drivers

The company's continued momentum in its core RV market segments underscores its strategic focus, product innovation, and deep customer engagement. Standout motorized RV products like Newmar's Class A Summit Air and Grand Design's Lineage Series M drove growth in Q4. Newmar's Dutch Star continues to be the number one brand in the Class A diesel category, and the Winnebago Echo is currently the number one selling brand in the Class C diesel market.

Marine Segment Performance

In the marine segment, Barletta and Chris Craft have done an exceptional job managing inventory, building dealer relationships, and creating an outstanding boating experience for consumers. This discipline and customer-centric approach has enabled both brands to maintain strong performance, despite significant industry headwinds.

Outlook and Guidance

The company expects consolidated net revenues in the range of $2.75 billion to $2.95 billion, reported earnings per diluted share of $1.25 to $1.95, and adjusted earnings per diluted share of $2.20 to $2.70 in fiscal 2026. Analysts estimate revenue growth at 4.4% next year. With a current P/E Ratio of 44.23 and EV/EBITDA of 11.71, the market is pricing in a certain level of growth and profitability.

Tariff Mitigation Initiatives

The company has strengthened supplier engagement, tracking policy shifts, reassessing sourcing, and prioritizing high-duty materials to mitigate the impact of tariffs. The sourcing and engineering teams have diversified supply routes, identified alternate vendors, and redesigned bills of materials to enhance supply chain agility.

Valuation and Return Metrics

The company's current valuation metrics, including a P/E Ratio of 44.23, P/B Ratio of 0.53, and ROE of 1.76%, indicate that the market is pricing in a certain level of growth and profitability. The Net Debt / EBITDA ratio of -1.56 suggests a relatively healthy debt position.

3. NewsRoom

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Winnebago Industries to Announce First Quarter Fiscal 2026 Financial Results on December 19, 2025

Dec -04

Source: globenewswire.com

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Winnebago Industries named one of America's Most Responsible Companies for fourth consecutive year

Dec -03

Source: globenewswire.com

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Will Winnebago (WGO) Beat Estimates Again in Its Next Earnings Report?

Dec -01

Source: zacks.com

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Geode Capital Management LLC Lowers Position in Winnebago Industries, Inc. $WGO

Dec -01

Source: defenseworld.net

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AXQ Capital LP Acquires 2,138 Shares of Winnebago Industries, Inc. $WGO

Nov -25

Source: defenseworld.net

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Is Winnebago Stock a Buy, Sell, or Hold After the CEO Sold Over 7,000 Shares?

Nov -02

Source: fool.com

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Winnebago (WGO) Insider Bought 2,700 Shares for $108,700

Nov -02

Source: fool.com

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Winnebago Industries: Bullish Outlook Is Still Winning With Robust Fundamentals

Oct -25

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.84%)

6. Segments

Motorhome Recreation Vehicles

Expected Growth: 4%

Winnebago Industries' Motorhome Recreation Vehicles segment growth is driven by increasing demand for outdoor recreation, rising disposable income, and a growing preference for experiential travel. Additionally, the company's strategic investments in product innovation, digital marketing, and expanded distribution channels contribute to its growth momentum.

Towable Recreation Vehicles

Expected Growth: 3%

Winnebago's towable recreation vehicles segment growth is driven by increasing outdoor recreation participation, rising demand for affordable luxury, and growing popularity of experiential travel. Additionally, the company's strategic acquisitions, expanded distribution channels, and innovative product offerings have contributed to its growth.

Marine

Expected Growth: 6%

Winnebago Industries' Marine segment growth is driven by increasing demand for recreational boats, driven by rising disposable income, growing popularity of water sports, and an aging population seeking outdoor activities. Additionally, the company's strategic acquisitions, product innovations, and expanding distribution channels contribute to its 6% growth.

Corporate / All Other

Expected Growth: 2%

Winnebago Industries' Corporate/All Other segment growth is driven by strategic investments in digital transformation, expansion of e-commerce capabilities, and optimization of operational efficiencies. Additionally, the company's focus on innovation, product diversification, and geographic expansion contribute to its 2% growth rate.

7. Detailed Products

Motorhomes

Winnebago Industries, Inc. offers a wide range of motorhomes, from compact and easy-to-drive models to spacious and luxurious floorplans.

Travel Trailers

Winnebago Industries, Inc. offers a variety of travel trailers, from lightweight and easy-to-tow models to spacious and feature-rich floorplans.

Fifth-Wheel Trailers

Winnebago Industries, Inc. offers a range of fifth-wheel trailers, designed for comfort, convenience, and luxury.

Towables

Winnebago Industries, Inc. offers a variety of towable RVs, including travel trailers and fifth-wheel trailers, designed for ease of towing and setup.

Commercial Vehicles

Winnebago Industries, Inc. offers a range of commercial vehicles, including shuttle buses, transit buses, and specialty vehicles.

8. Winnebago Industries, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Winnebago Industries, Inc. faces moderate threat from substitutes, as customers have limited alternatives for recreational vehicles and outdoor lifestyle products.

Bargaining Power Of Customers

Winnebago Industries, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, making it a low threat.

Bargaining Power Of Suppliers

Winnebago Industries, Inc. relies on a few key suppliers for components and materials, giving them moderate bargaining power.

Threat Of New Entrants

The recreational vehicle industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it a low threat for new entrants.

Intensity Of Rivalry

The recreational vehicle industry is highly competitive, with several established players competing for market share, making it a high-intensity rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.93%
Debt Cost 4.18%
Equity Weight 68.07%
Equity Cost 12.55%
WACC 9.88%
Leverage 46.90%

11. Quality Control: Winnebago Industries, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Buckle

A-Score: 6.8/10

Value: 4.5

Growth: 3.9

Quality: 7.5

Yield: 10.0

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Karat Packaging

A-Score: 6.6/10

Value: 6.1

Growth: 7.9

Quality: 7.4

Yield: 9.0

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Weyco

A-Score: 6.5/10

Value: 7.4

Growth: 5.9

Quality: 7.1

Yield: 9.0

Momentum: 3.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Ethan Allen

A-Score: 6.2/10

Value: 6.1

Growth: 3.8

Quality: 6.4

Yield: 10.0

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Marine Products

A-Score: 5.5/10

Value: 4.2

Growth: 4.4

Quality: 5.6

Yield: 10.0

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Winnebago

A-Score: 3.8/10

Value: 6.9

Growth: 0.8

Quality: 5.9

Yield: 5.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

39.0$

Current Price

39$

Potential

-0.00%

Expected Cash-Flows